Octave Specialty Group (NYSE:OSG) Posts Quarterly Earnings Results, Beats Expectations By $0.19 EPS

Octave Specialty Group (NYSE:OSG) released its quarterly earnings results on Monday. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.19, Zacks reports. The firm had revenue of $66.90 million during the quarter, compared to analyst estimates of $84.70 million. Octave Specialty Group had a negative net margin of 290.22% and a negative return on equity of 3.17%.

Octave Specialty Group Price Performance

Shares of NYSE:OSG opened at $5.66 on Tuesday. The company has a market capitalization of $247.75 million, a P/E ratio of -0.37 and a beta of 0.86. Octave Specialty Group has a 1-year low of $5.55 and a 1-year high of $12.11. The firm’s 50 day simple moving average is $5.99 and its two-hundred day simple moving average is $7.46.

Wall Street Analysts Forecast Growth

OSG has been the subject of a number of research reports. DOWLING & PARTN cut shares of Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Octave Specialty Group in a research report on Monday, December 29th. Finally, Truist Financial upped their price objective on Octave Specialty Group from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 12th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.00.

Insider Activity at Octave Specialty Group

In other news, CEO Claude Leblanc bought 12,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were bought at an average price of $7.59 per share, for a total transaction of $91,080.00. Following the purchase, the chief executive officer owned 1,033,777 shares in the company, valued at $7,846,367.43. This represents a 1.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 6.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Octave Specialty Group

A number of institutional investors and hedge funds have recently bought and sold shares of OSG. Dimensional Fund Advisors LP bought a new position in shares of Octave Specialty Group in the fourth quarter worth about $13,114,000. Gendell Jeffrey L purchased a new position in Octave Specialty Group in the 4th quarter worth approximately $12,210,000. Geode Capital Management LLC bought a new position in Octave Specialty Group in the 4th quarter worth approximately $7,973,000. State Street Corp purchased a new stake in Octave Specialty Group during the 4th quarter valued at approximately $7,339,000. Finally, Nuveen LLC purchased a new stake in Octave Specialty Group during the 4th quarter valued at approximately $6,304,000. 80.92% of the stock is owned by institutional investors.

Octave Specialty Group Company Profile

Ambac Financial Group, Inc (NYSE:AMBC) is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.